Double-digit increase in closed sales for every jurisdiction; Contract activity up 27.5 percent
In 2014, the Baltimore Metro Area housing market continued to improve and ended on a positive note. Closed sales increased 26.7 percent between December 2013 and December 2014, the largest gain in over a year. Every jurisdiction in the region had double-digit increases in closed sales, led by Anne Arundel County (+41.5 percent). In the 2014 calendar year, the total number of closed sales increased 4.5 percent from the 2013 total. Every jurisdiction except Howard County had an increase in the number of annual sales in 2014 compared to 2013. In December, the number of new contracts signed increased 27.5 percent, indicating that upcoming months will see continued growth in closed sales.
The median sales price decreased modestly in December, driven by declines for single-family detached homes and townhomes. The median sales price for the calendar year 2014 was virtually unchanged from 2013, falling by 0.2 percent. The decrease was driven by price declines in Baltimore City and Harford County. Buyers continue to have more options as inventory rises. Heading into 2015, active inventory is 14.1 percent higher than the same point last year. New listings in December increased 28.0 percent over the number added in December 2013.
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